Mumbai: Construction firm Supreme Infrastructure India (SIIL) said on 17 Septemerit will float Initial Public Offer (IPO) to raise funds to part-finance its expansion plans and meet its long-term financial needs.
The company would issue 34,75,000 equity shares in a price band of Rs95 and Rs108 and hopes to raise Rs32 crore to Rs37 crore through the IPO.
The offer opens for subscription on 21 September and will close on 26 September.
SIIL is proposing a public issue of 34,75,000 equity shares of Rs10 each at a premium to be decided through 100% book-building process.
“The issue constitutes 25.05% of the post issue paid-up capital of the company,” SIIL’s Managing Director Vikram B Sharma told reporters here today.
“The proceeds of the proposed IPO will be to part-finance our expansion plans and meet its long-term capital requirements,” Sharma said.
“It will help us generate capacities to bid for bigger, more complex projects and enable us to compete better due to enhanced capacity and technical ability,” he said.